Transation is subject to regulatory approvals
United Spirits has entered into an agreement for the sale of all the 67,716 equity shares held by the Company in its subsidiary, United Spirits Nepal (constituting 82.46% of the paid up equity share capital of United Spirits Nepal), to Rajesh Bir Singh Tuladhar of Kathmandu, Nepal, at a price of Nepalese Rs. 5,042/- per share, amounting to a total consideration of Nepalese Rs. 341,424,072 (buying rate of INR 1 = Nepalese Rs 1.60 on 15 January 2016, as published on the website of Nepal Rastra Bank). The consideration will be subject to the deduction of applicable taxes in Nepal.The transaction is subject to various regulatory approvals and other conditions precedent, upon the fulfilment of which the sale of shares will be completed.
For the financial year ended 31 March 2015, the turnover and net worth of United Spirits Nepal approximately INR 64.80 crore and INR 4.58 crore, respectively, which constituted less than 1% of the Company's turnover and net worth, respectively, for such financial year.
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